Assicurazioni Generali net profit jumps

Assicurazioni Generali SpA’s (G.MI) first-quarter net profit rose 28%, boosted by growing operating results and sales of businesses.

Net profit for the period was 744 million euros ($833.5 million) compared with EUR581 million a year earlier, the Italian insurer said Thursday.

Its operating profit grew 6.9% on year, with a positive performance in the life segment, the property-and-casualty business and asset-management operations.

The results of the quarter also benefited from disposals, such as the sale of the company’s business in Belgium.

Adjusted net profit was up 6%, in line with the targets set in the company’s plan, it said.

Gross written premiums increased 6.6% to EUR18.87 billion, with both life and property-and-casualty businesses achieving growth.

"The net result, even without taking into account the positive contribution of disposals, demonstrates strong growth," Chief Financial officer Cristiano Borean said.

"These results show that the implementation of the Generali 2021 strategy, announced in November 2018, has gotten off to an excellent start."

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